Bitcoin plunges nearly 6% amid rising US dollar, large liquidations

ISTANBUL

Bitcoin saw its price drop nearly 6% Tuesday amid a strengthening US dollar and a wave of $1.3 billion in crypto liquidations.

The price of the largest cryptocurrency was $100,980 at 1850GMT. It briefly fell below $100,000 for the first time in four months.

Data from the CoinMarketCap analysis firm said the value of the global cryptocurrency market, including Bitcoin, fell approximately 5.8% in the past 24 hours to $3.35 trillion.

Bitcoin's market capitalization also plunged 5.8% in the past 24 hours to $2 trillion, with a daily trading volume of $92 billion, up more than 39%

Still, the price of Bitcoin, the largest cryptocurrency by market capitalization, is up almost 7.7% since the start of 2025.

The price of Ethereum, the second-largest cryptocurrency by market capitalization, declined 9.8% in value, falling to $3,290.

The US dollar index was above 100 for the first time Tuesday since August, due to uncertainty regarding the Fed's interest rate cut process.

The dollar index gained 0.3% Tuesday to 100.17.

Additionally, according to CoinGlass data, the largest wave of liquidations in weeks occurred in the last 24 hours, wiping out almost $1.27 billion in leveraged futures contracts across cryptocurrencies.